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Businesses received huge sums of money for PPP loans and are
Hi Barbara Businesses received huge sums of money for PPP loans and are receiving now ERC now under the March legislation passed then Is the IRS currently auditing any of these grants If so, how is it… read more
Barbara
Barbara
Enrolled Agent, Paralegal
24,947 satisfied customers
For the PPP loans my company received part of it was stolen
For the PPP loans my company received part of it was stolen via wire transfer by fraudulent company who was supposed to take care of payroll. My question is can the part that was stolen be forgiven by… read more
Rama-CPA
Rama-CPA
President
Bachelor's Degree
2,212 satisfied customers
I have received PPP, EIDL and RRF funds. Because of problems
I have received PPP, EIDL and RRF funds. Because of problems with my current location, I need to move and want to downsize my operation. If I do, will that affect any of the funds I have already recei… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
11,375 satisfied customers
For my PPP loan forgiveness, i will have to show documents
For my PPP loan forgiveness, i will have to show documents to show how my funds were used for payroll. I am self employed, and all income is my payroll. What documents would I provide to show I used t… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
23,115 satisfied customers
Can a married couple apply for separate PPP loans based on
Can a married couple apply for separate PPP loans based on separate 2019 schedule C's if we formed a single member LLC in 2020?… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
7,864 satisfied customers
Our restaurant was hard hit last year due to Covid. We did
Our restaurant was hard hit last year due to Covid. We did receive a PPP 1 loan. Now we are barely operating making a small profit. PPP2 loan is now available but I worry about the certification of ne… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
10,727 satisfied customers
I have a restaurant that if we can stay open at 50% we feel
I have a restaurant that if we can stay open at 50% we feel like cash flow will allow us to break even for the year. If we do not take distribution and do not close. We meet the 25% revenue reduction … read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
10,727 satisfied customers
How does PPP forgiveness work for a restaurant with tipped
How does PPP forgiveness work for a restaurant with tipped employees? Since the tips do not come from the restaurant (they come from the customer), or those eligible for forgiveness? Or only the amoun… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
10,727 satisfied customers
Sba ppp sole prop For sole prop what documentation can I
sba ppp sole prop For sole prop what documentation can I show , I have their P & L to calculate the average amount, what will help to validate 25% reduction ?… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
10,727 satisfied customers
Should I apply for PPP forgiveness before applying for the
Should I apply for PPP forgiveness before applying for the second draw PPP next week? Or wait until SBA releases simplified form?]Hello, my first PPP was below $10,000. My s-corp is a solo s-corp. I a… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
10,727 satisfied customers
I am a single owner of a restaurant that is a LLC in Texas.
I am a single owner of a restaurant that is a LLC in Texas. The income is reported on a schedule c reported on my personal tax filing. Is it necessary for the LLC to file a tax return. Taking distribu… read more
Richard
Richard
Tax Attorney
Doctoral Degree
6,077 satisfied customers
Tax & PPP questions my business received between 30 and
Tax & PPP questionsHello, my business received between 30 and $50,000 PPP funds, I have some questions, maybe you can help ;)1) as it stands I understand the PPP funds are taxable even if they are use… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
10,727 satisfied customers
I have a question about the PPP for our business. when we
I have a question about the PPP for our business. when we apply for PPP in March our taxes were not file yet since our book weren't done. The bank ask us to just give a 2019 1040 Draft. We did provide… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
1,152 satisfied customers
We are working on applying for PPP loan forgiveness. For our
We are working on applying for PPP loan forgiveness. For our 8 week period we have our FTE calculation at 1.0 but need to find $25k in other applicable expenses to meet to full loan value which is pro… read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
1,077 satisfied customers
Alex, regarding my previous inquiry about PPP loan
Hi Alex, regarding my previous inquiry about PPP loan forgiveness...I did not receive my loan through my bank. It was with Cross River. On July 24th I reached out to them, please see conversation. At … read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
10,727 satisfied customers
I see My ppp loan can pay 8/52 of annual profit for my
Dear Carter I see My ppp loan can pay 8/52 of annual profit for my compensation. But it is 74.15% of the total loan that does not meet 75% loan to payroll. Will that still be forgiven ? Or I need to p… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
10,727 satisfied customers
My company received $10k from SBA for the EIDL. How to
My company received $10k from SBA for the EIDL. How to record this money in the books? What is the accounting treatment?… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
11,375 satisfied customers
What's the latest on the COVID-19 related loans being
What's the latest on the COVID-19 related loans being offered by the government? Those being PPP & SBA. I applied on March 18 and after a month of complete silence just got an email saying that the SB… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
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10,727 satisfied customers
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